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The government of India said it is looking to bar most private cryptocurrencies when it introduces a new bill to regulate virtual currencies in the winter session of Parliament. India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea to cool down prices after OPEC+ decided against increasing crude oil supply. Shares of Latent View Analytics more than doubled in their market debut on Tuesday, signalling strong investor demand for the profit-making Indian startup days after the Paytm fiasco.
Markets update| Sensex, Nifty rise in early trade
The Indian benchmark equity indices Sensex and Nifty opened on a positive note. AT 9:23 IST, the Sensex was up 82.75 points or 0.14% at 58,747.08 and the Nifty was up 24.80 points or 0.14% at 17,528.15.
Share markets were jittery in Asia as trading was hit by a step-up in U.S. Treasury yields and volatile oil prices after a coordinated move by the United States and other nations to cool down prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.24%, and Japan’s benchmark Nikkei stock price index fell 1.13%. Chinese blue chips were last flat 0.1% and are up about 0.5% so far this week. Hong Kong shares also lost 0.1%.
Oil falls after coordinated reserve release
Oil prices fell after the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply.
U.S. West Texas Intermediate (WTI) crude futures fell 0.2% to $78.38 a barrel and Brent crude futures slid 0.4% to $81.99 a barrel.
The United States had announced it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, in a bid to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
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